With the emergence and long-term Impact of COVID-19, Global Cloud Telephony Service Market to reach USD 41.97 Billion by 2029
Bizwit Research & Consulting LLP’s recent analysis on the Global Cloud Telephony Service Market points towards a potential rise to USD 41.97 Billion by 2029. Cloud Telephony Service is a telephonic service that runs over the internet, used by cloud telephony, based on hosted PBX solutions. The Cloud Telephony Service market is expanding because of factors such as the increasing need for telecommunication solutions and the rising adoption of cloud-based services. Business communications are streamlined by using cloud telephony services to move telephony systems to the cloud.
Geographically, the global Cloud Telephony Service market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in terms of revenue, due to the significant adoption of cloud-based services in the region. In terms of sales, Europe is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising technological advancements in the European telecommunication industry. As they gradually migrate towards cloud-based services in the market space.
The global Cloud Telephony Service market is highly competitive owing to the presence of several key manufacturers such as 8×8, Inc, AVOXI BroadSoft, Inc, Cisco Systems, Inc, Dialpad Inc, Exotel Techcom Pvt. Ltd, Go 2 Market India Pvt. Ltd, Knowlarity Communications Pvt. Ltd, LeadNXT, Microsoft Corporation and others.
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Key findings of the study suggest:
- Global Cloud Telephony Service Market is anticipated to grow with a healthy growth rate of more than 10.62% over the forecast period 2022-2029.
- In the Deployment Model segment, Cloud emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to rising demand for advanced communication services in the region.
- Europe is expected to grow at higher rate during 2022-2029 owing to highly developed telecommunications infrastructure and many enterprises adopting cloud technology in the region.
Bizwit Research & Consulting has considered following segments for the study:
By Deployment Model
- Cloud
- Hosted
By Network
- Public Switched Telephone Networks (PSTNs)
- Voice over Internet Protocol (VoIP)
By Application
- Conferencing
- Multi-level IVR
- Sales & Marketing
- Customer Relationship Management (CRM)
By End User
- BFSI
- Government
- Telecom & IT
- Healthcare
Others Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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